ServiceNow, Inc. (NYSE:NOW) Holdings Lifted by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC increased its holdings in ServiceNow, Inc. (NYSE:NOW) by 53.5% in the 3rd quarter, Holdings Channel reports. The fund owned 107,777 shares of the information technology services provider’s stock after purchasing an additional 37,550 shares during the period. Lord Abbett & CO. LLC’s holdings in ServiceNow were worth $96,395,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Truvestments Capital LLC purchased a new stake in shares of ServiceNow in the third quarter worth approximately $30,000. Ridgewood Investments LLC purchased a new position in ServiceNow during the second quarter valued at approximately $32,000. DT Investment Partners LLC increased its stake in ServiceNow by 77.3% in the 3rd quarter. DT Investment Partners LLC now owns 39 shares of the information technology services provider’s stock valued at $35,000 after buying an additional 17 shares during the period. American Capital Advisory LLC purchased a new stake in ServiceNow in the 2nd quarter worth approximately $39,000. Finally, Semmax Financial Advisors Inc. acquired a new stake in shares of ServiceNow during the 2nd quarter valued at $39,000. 87.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ServiceNow

In related news, Director Anita M. Sands sold 2,229 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $1,064.60, for a total transaction of $2,372,993.40. Following the sale, the director now directly owns 11,000 shares in the company, valued at $11,710,600. This represents a 16.85 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jacqueline P. Canney sold 353 shares of ServiceNow stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $924.96, for a total value of $326,510.88. Following the completion of the transaction, the insider now owns 3,027 shares of the company’s stock, valued at approximately $2,799,853.92. The trade was a 10.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,629 shares of company stock valued at $20,861,626 in the last 90 days. 0.25% of the stock is owned by corporate insiders.

ServiceNow Stock Down 2.4 %

NOW opened at $1,121.10 on Friday. ServiceNow, Inc. has a fifty-two week low of $637.99 and a fifty-two week high of $1,157.90. The company has a market capitalization of $230.95 billion, a P/E ratio of 174.35, a P/E/G ratio of 6.58 and a beta of 0.99. The company has a debt-to-equity ratio of 0.16, a current ratio of 1.13 and a quick ratio of 1.13. The firm’s fifty day moving average price is $1,006.82 and its two-hundred day moving average price is $870.89.

ServiceNow (NYSE:NOW) last issued its earnings results on Wednesday, October 23rd. The information technology services provider reported $3.72 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.26. The business had revenue of $2.80 billion for the quarter, compared to analyst estimates of $2.75 billion. ServiceNow had a net margin of 12.77% and a return on equity of 16.03%. The firm’s revenue was up 22.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.21 EPS. On average, analysts anticipate that ServiceNow, Inc. will post 7.07 EPS for the current year.

Wall Street Analyst Weigh In

NOW has been the topic of a number of research reports. Wells Fargo & Company upped their price target on shares of ServiceNow from $1,150.00 to $1,250.00 and gave the stock an “overweight” rating in a research note on Thursday, December 5th. Robert W. Baird boosted their target price on ServiceNow from $900.00 to $975.00 and gave the company an “outperform” rating in a research note on Thursday, October 24th. Oppenheimer raised their price target on ServiceNow from $1,020.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Tuesday, December 3rd. Canaccord Genuity Group boosted their price target on ServiceNow from $850.00 to $1,000.00 and gave the company a “buy” rating in a research note on Thursday, October 24th. Finally, Sanford C. Bernstein raised their price objective on shares of ServiceNow from $906.00 to $913.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $1,034.96.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.